Tax planning is crucial, however, often ignored in India. Tax planning not just means availing of deductions, but even includes planning your investments and finances so that the tax payable is not high. Knowing which tax to pay is not sufficient. Filing income tax returns can be a complex job for new taxpayers. One needs to take an expert’s advice while submitting tax returns to save taxes appropriately. Also, the government introduces changes or exemptions in the tax laws, making the situation even more complicated for individual taxpayers while filing the tax. Here is when tax consultants come into the picture.
Tax consultants, also known as tax advisors, are experts in taxation law, tax planning, and tax compliance. They provide helpful tax-related guidance; tax consultants are even responsible for keeping up-to-date knowledge and keeping you well informed about the latest tax necessities, either on the state or federal levels.
What does a tax consultant do?
Tax consultants have complete knowledge about federal and state regulations that individuals and businesses must abide by while filing their taxes. If you hire a tax consultant, they will guide you about all the filing options. Few other aspects they work upon include:
- Tax consultants collect, consolidate, and prepare tax-related documents and tax returns.
- They assess a client’s legal and financial settings to assess the tax liabilities.
- They help clients with tax subjects during or after a significant life transition, such as a wedding, divorce, childbirth, or spouse’s death.
- They complete complicated tax forms and schedules, which most tax preparers are unaware of.
- A tax consultant represents a client in transactions with Revenu authorities
Why do you need a tax consultant?
Here are the top five reasons you should hire a tax consultant:
1) Get your tax deductions: A tax consultant can support you by effortlessly identifying the potential deductions throughout the year and directing you on how to take strategic decisions for overall year-end deductions. In addition, an experienced tax consultant can advise you with practical ways to save taxes wherever possible without getting into any hassle with the IRS or complicating your monetary situation.
2) Save time: Financial matters are time-consuming; it can take up to 10 hours to compile, check for all debits and credits, and double-check all the account transactions before you file your income tax returns.
3) Ongoing financial advisor: You can get tax compliance services from your tax consultant throughout the year. This way, you can get any advice or guidance on any financial or tax issues whenever you require.
4) Safe and legal: Whenever in doubt, ask for an expert. Appointing a registered tax consultant to manage your tax records is always a better choice, and it is legal, so what better than a professional to keep a check on your tax records?
5) Tax consultant or tax software: In recent years, tax software is becoming more and more popular, with many people doing their tax returns on their own. However, the software cannot be a replacement for a professionally skilled tax consultant. Tax software cannot understand your financial situation on a personal level, ensuring you are getting full advantage of all the tax deductions and credits. Also, with a tax consultant, you your tax returns are filed appropriately.
Having a tax consultant by your side can provide you with the peace of mind that your taxes are filed correctly, and Digilekha Consultancy definitely offers that peace of mind to you. We are the best tax consultants in Aundh, Pune. Call us today for any Tax consulting services.
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